Nestle's Stock Soars 9.3% as CEO Unveils 16,000 Job Cuts | AI News Digest
Nestlé's stock surged by 9.3% following the unveiling of a comprehensive restructuring plan by newly appointed CEO Philipp Navratil, which will see the elimination of 16,000 jobs. This initiative is designed to boost operational efficiency and accelerate the company's recovery efforts. The job reductions will impact 12,000 white-collar positions, along with an additional 4,000 roles set to be phased out over the next two years. Despite facing challenges such as escalating raw material costs and a volatile consumer market, Nestlé reported an organic growth rate of 4.3% in the third quarter, surpassing expectations. This strategic pivot aims to strengthen performance and restore investor confidence after a tumultuous leadership change.
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